Trng H Marketing Khoa Thm nh Gi

CC CNG THC C BN
TNH VN HO THU NHP
(Ti liu ca Vin Thm nh Gi Hoa K)
1. VN HO TRC TIP
Vi:
I
R
IO
V
M
DCR
F
GIM
EGIM
NIR

=
=
=
=
=
=
=
=
=
=

Income Thu nhp

Capitalization
T sut vn ho
Net Overal Incone Thu nhp thun
Value Gi tr
Mortgage Ratio T l cho vay
Debt Coverage Ratio T l thanh ton n
Capitalization Factors - H s vn ho
Gross Income Multiplier S nhn thu nhp gp
Effective GIM - S nhn thu nhp hiu qu
Net Income Ratio T l thu nhp thun

T vit tt:
O = Overall Property:
Gi tr ton b
M = Mortgage:
Vn vay
E = Equity:
Vn s hu
L = Land
t
B = Building
Nh ca

Cng thc c bn v Thu nhp - T sut Vn ho Gi tr ti sn

I = RxV
R = I/V
V = I/R

I
RxV

Thu nhp = Gi tr x T sut vn ho

T sut vn ho = Thu nhp / Gi tr
Gi tr = Thu nhp / T sut vn ho

Cng thc c bn v Gi tr - Thu nhp - H s vn ho

H s vn ho F =

V
I xF

1
R
V = IxF
I = V/F
F = V/I

Gi tr = Thu nhp x H s vn ho
Thu nhp = Gi tr / H s vn ho
H s vn ho = Gi tr / Thu nhp

Mi quan h v T sut vn ho v h s
R
RO
hay RO

=
=
=

1/F
NIR / GIM
NIR / EGIM

T sut vn ho= 1 / H s vn ho
T sut vn ho ton b = Thu nhp thun / Thu nhp gp
T sut vn ho ton b = T l Thu nhp thun / S nhn thu
nhp hiu qu

Ghi ch: NIR c th lin quan n Tng thu nhp k hoch hay Tng thu nhp thc t, cn ch
bo m tnh thng nht ca n.
1.1 Nhng T sut gn vi Vn vay - Vn gp
Cng thc u t (band-of-investment)
T sut vn ho ton b:
T sut vn ho vn gp:

RO
RE

=
=

M x RM + [(1-M) x RE]
(RO M x RM) / (1 M)

Vn gp thng d: (ER- Equity Residual)

Ths. Ng Tho

Trng H Marketing Khoa Thm nh Gi

Gi tr ton b:

VO

T sut vn ho vn gp:

RE

T sut vn ho vn gp:

RE

I O VM x R M
VM
RE
IO VM x RM
=
1 M
=

R O R O RM

M
1M

Vn vay thng d: (MR Mortgage Residual)

Gi tr ton b:

VO

T sut vn ho vn vay

=
RM

IO VE x RE
VM
RM
IO VE x RE
=
VM

T l thanh ton n (DCR Debt Coverage Ratio)

T l thanh ton n:
DCR =
IO / I M
T sut vn ho ton b:
RO
=
DCR x M x RM
T l thanh ton n:
DCR =
RO / (M x RM)
Vn vay
M
=
RO / (DCR x RM)
Gi tr cho vay
VM
=
IO / (DCR x RM)
1.2 Nhng yu t gn vi t v nh ca
t v nh trong cng thc u t:
Vi:
L
= t l ca t trn tng gi tr
B = t l ca nh ca trn tng gi tr
T sut vn ho RO
=
(L x RL) + (B x RB)
t thng d:
VO = [(IO VB x RB) / RL] + VB
RL = (IO VB x RB) / VL
Nh ca thng d:
VO = [(IO VL x RL) / RB] + VL
RB = (IO VL x RL) / VB

2. T SUT SINH LI
Vi:
PV
CF
Y
R

a
1/Sn
1/n
CR
V

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=
=
=
=
=
=
=
=
=

Ths. Ng Tho

Hin gi
Dng tin
T sut sinh li
T sut vn ho
Bin i
hng s thay i hng nm
h s gp tch lu
1 / thi k d n
T sut kp
Gi tr

T vit tt:
n = thi k d n
O = Ton b gi tr
I = Thu nhp

Trng H Marketing Khoa Thm nh Gi

Chit khu dng tin - Hin gi (DCF / PV)

PV=

CF1
CF2
CF3
CFn

.....
1
2
3
1 i 1 i 1 i
1 i n

Cng thc bin i cn bn gia T sut vn ho - T sut sinh li Gi tr

R = Y a
Y = R + a
a = Y R
= (Y R) / a
Nhng ch tiu gn lin vi t l thu nhp / Gi tr
Ch tiu

Gi thuyt

Vnh vin
Hng nm*
Thay i thng
Thay i cp s

=0
a = 1 / Sn
a=1/n
Oa = CR

T sut Vn ho
(R)
R=Y
R = Y 1/Sn
R= Y- 1/n
RO= YO - CR

Thay i thng * Thu nhp

Thay i thng * Gi tr

$I = V x 1/n x Y

$ 1/n = $ I / Y

T sut Sinh li
(Y)
Y=R
Y = R+ 1/Sn
Y= R+ 1/n
YO = RO + CR

Gi tr bin i
(D)
=(Y-R)/(1/Sn )
=(Y-R)/(1/n)
O= (1+CR)n-1

Thay i theo li sut kp

CR = o FV / PV 1
I = (Y x 1/n) / Y
1/n = (Y x I) / (Y+I)
CR = YO - RO
*I trong cng thc ny l t l thay i thu nhp trong 1 nm lin quan n thu nhp nm u
tin
3. HIN GI TNG GIM HNG NM
Thay i theo ng thng
thu c gi tr hin ti ca khon tr gp hng nm bt u vi thu nhp d cui k th
nht v tng h ng mi k ca n k:
PV = (d+hn)an {h(n-an )} / i
thu c gi tr hin ti ca khon tr gp hng nm bt u vi thu nhp d vo cui k th
nht v gim h ng mi k ca n k, n gin xem h nh l s m trong cng thc trn.
Thay i theo t l bt bin
thu c gi tr hin ti ca khon tr gp hng nm bt u $1 vo cui ky th nht v tng
mi k sau theo mt t sut x trong n k

1 1 x

PV =

1 i n
ix

Vi: i l t sut chit khu thi k v x l t s ca gia tng thu nhp trong k so vi thu nhp
ca k trc.
thu c gi tr hin ti ca khon tr gp hng nm khi u bng $1 vo cui k th nht
v gin mi k theo sau vi t l x, n gin xem x l s m trong cng thc trn.

Ths. Ng Tho

Trng H Marketing Khoa Thm nh Gi

4. PHN TCH VN VAY - VN GP

Vi:
r
Y
M
P
n

R
Sn
D
J
n
IO
B
I
T

T vit tt:
=
=
=
=
=
=
=
=
=
=
=
=
=
=

T sut vn ho c bn
T sut sinh li
T l vay vn
T l thanh ton vn vay
H s tr gp
T sut sinh li
Gi tr tng lai ca $1 mi k
Bin i
H s J (thay i thu nhp )
K ca d n
Thu nhp hot ng thun
Cn i tin vay
T sut thu nhp danh ngha
nh hng ca thu.

E
M
P
O
I
ET
OT
1
2

=
=
=
=
=
=
=
=
=

Vn gp
Vn vay
D n
Ton b ti sn
Thu nhp
Vn gp sau thu
Thu nhp sau thu
Vay ln 1
Vay ln 2

Mi quan h n by
T l vn ho trc thu
Nu RO > RM, th RE > RO, tc dng n by dng
Nu RO = RM, th RE = RO, tc dng n by trung tnh
Nu RO < RM, th RE < RO, tc dng n by m
Dng t sut sinh li trc thu:
Nu YO > YM, th YE > YO, tc dng n by dng
Nu YO = YM, th YE = YO, tc dng n by trung tnh
Nu YO < YM, th YE < YO, tc dng n by m
Dng t sut sinh li sau thu: (vi YOT l thu nhp ti sn sau thu. Y ET l thu nhp vn sau
thu v T l t sut nh hng ca thu)
Nu YOT > YM(1-T), th YET > YOT , tc dng n by dng
Nu YOT = YM(1-T), th YET = YOT , tc dng n by trung tnh
Nu YOT < YM(1-T), th YET < YOT , tc dng n by m
CNG THC VN VAY / VN GP
T SUT VN HO C BN (r)
r
= YE M (YE + P 1/Sn RM)
r
= YE M1 ( YE + P1 1/Sn RM1) M2 (YE + P2 1/Sn RM2)
P = (RM I) / (RMP I)
P = (1/Sn ) / (1/Sn P)

Ths. Ng Tho

Trng H Marketing Khoa Thm nh Gi

T SUT VN HO (R)
Mc thu nhp:
RO = YE M (YE + P 1/Sn RM) O 1/Sn
RO = r O 1/Sn
Thu nhp thay i theo h s J
RO = [YE M (YE + P 1/Sn RM) O 1/Sn ] / (1+DIJ)
RO = (r O 1/Sn ) / (1+DIJ)
Thu nhp thay i theo h s K
RO = [YE M (YE + P 1/Sn RM) O1/Sn ] / K
Thay i yu cu theo gi tr ()
Mc thu nhp
O = (r - R) / (1/Sn )
O = [YE M (YE + P 1/Sn RM) R] / (1/Sn )
Thu nhp thay i theo h s J:
O = [r RO(1+IJ)] / (1+Sn )
* O = (r RO) / (ROJ + 1/Sn )
Ghi ch: i vi vic nhiu ln vay thm vo M(Y E + P1/Sn RM) cho mi ln vay. Cng thc c
du (*) gi nh rng gi tr v thu nhp thay i cng mt t l.
T SUT DINH LI VN S HU (YE)
Mc thu nhp :
YE = RE + E 1/Sn
Thu nhp thay i theo h s J
YE = RE + E 1/Sn + [RO I / (1- M)] J
Thu nhp thay i theo h s K
YE = RE + E 1/Sn + [RO I /(1-M)] J
THAY I VN
E = (O + MP) / (1-M) or
hay
E = [VO (1+O) B VE] / VE

5. PHN TCH U T
Vi:
PV
NPV
CF
i
n
IRR
PI
MIRR
FVCFI
i

=
=
=
=
=
=
=
=
=
=

Hin gi
Hin gi thun
Dng tin
T sut chit khu
Thi k d n
T sut ni hon
Ch s thu nhp
T sut ni hon ch nh
Gi tr tng lai ca dng tin
T sut ti u t trong cng thc
MIRR

Ths. Ng Tho

T vit tt:
0 = Ti thi im zero
1 = Cui k th nht
2 = Cui k th 2
3 = Cui k th 3
n = Cui k th n

Trng H Marketing Khoa Thm nh Gi

Hin gi thun (NPV):

NPV= CF0 +

CF1

1 i

CF2

1 i

CF3

1 i

......

CFn

1 i n

T sut ni hon (IRR)

Khi NPV = 0 ; IRR = i
Ch s thu nhp (PI)
PI = PV / CF0
T sut ni hon ch nh (MIRR)
MIRR =

MIRR =

FVCFj
CF0

CF 1 i
1

n 1

CF2 1 i

n 2

CF3 1 i

n3

..... CFn / CF0 1

Ghi ch: trong cng thc ny ch s CFs c th dng v c th m theo cch tnh ca PV hay
NPV. Tuy nhin, CF0 c xem l gi tr dng cho cch tnh PI v MIRR.
T sut danh ngha v t sut thc t
(1+t sut danh ngha) = (1+ t sut thc t) (1+ t sut lm pht)
T sut thu
T
= ( Y trc thu - Y sau thu) / Y trc thu
Phng sai: (variance)
n

P x
i 1

lch chun
var iance

Doanh thu
n

x Pi X i
i 1

im ho vn cho thu

Chi ph I M
Tien
chothue
hang
nam
tren
moi
nv
T s ho vn

Chi ph I M
Litc
gop

Ths. Ng Tho

Trng H Marketing Khoa Thm nh Gi

V D
1. Gi tr tng lai ca $1 (Future Value of $1.00)
K thc $1,000 vo ti khon vi li sut 6% mi nm. Tnh gi tr ti khon vo cu nm th 8 ?

A=? +

PMTS = 0

i=6%
1
2
PV= $1,000

n=8

FV = PV (1+i)n
= 1,000 (1+0.06)8 = 1,000 x 1.59385
= $1,593.85
2. Gi tr hin ti ca $1 (Present Value of $ 1.00)
Tnh gi tr hin ti ca mt khon thu nhp $11,000 nhn c sau 4 nm vi mc li sut 10%
mi nm ?
FV = 11,000
PMTS = 0

i= 10%

1
2
3
n=4
PV = ?
PV = FV / (1+i)n = 11.000 / (1+0.10)4 = 11,000 / 1.4641
= $7,513.15
3. Gi tr tng lai ca $1 mi k (Future Value of $1.00 Per Period)
Tnh gi tr ca qu hu bng trong 30 nm, gi s c gi vo cui mi nm $2,000 vi li
sut 7.5% mt nm ?
FV = ?
PTMS = 2,000
i= 7.5 %
1

n=30

PV= 0
FV(pp) =

n
30

1 i 1

1 0.075 1
7.754955
2000 x
2000 x
2000 x

0.075

0.075

= $2000 x 103 3994= $206,798

4. Gi tr hin ti ca $1 mi nm (Annual Cash Flows)
Hi gi tr hin ti ca khon thu nhp nhn c vo cui mi nm l $36,000 trong 15
nm vi li sut l 8% mi nm ?
FV= 0
PMTS = 36,000

i= 8 %
1
PV = ?

Ths. Ng Tho

n= 15

Trng H Marketing Khoa Thm nh Gi

1
1
1
15
1.08
3.17217

i
0.08
0.08
1 0.31524 0.68476

8.5595
=
0.08
0.08

Y =

1 i n

PV = $36,000 x 8.5595 = $308,142

5. Gi tr hin ti ca $1 mi thng (Monthly Cash Flows)
Tnh gi tr hin ti ca khon thu nhp nhn c mi thng $3,000 trong sut 15 nm vi
li sut 8% mt nm ?
FV = 0
PMTS = $2,000
1

n = 15

i= 8 %

S thng trong 15 nm: 15 x 12 = 180

Li sut tnh cho mi thng: 8% / 12 = 0.006666
Y =

1 0.00666 180
0.00666

1
3.30652 0.697568 = 104.64107
0.00666
0.00666

PV = $3,000 x 104.64107 = $ 313,923

6. Khon phi tr u mi k cho $1 (Partial Payment Factor)
Hi s tin cn thit phi tr mi thng thanh ton khon n $130,000 trong 30 nm vi
mc li sut 5.75% mi nm ?
FV= 0
PMTS = ?

i= 8 %
1

n = 30 x 12

PV = $130,000
S k trong 30 nm: 30 x 12 = 360
Li sut mi k:
5.75% / 12 = 0.0047916
Y = i

1 i

0.0047916

0.0047916
= 0.005835729
1.0047916 360 1

PMT = $130,000 x 0.005835729 = $758.64 per month

7. H s gp tch lu (Sinking Fund Factor)
Hi phi gi bao nhiu vo ti khon vo cui mi nm vi li sut 4% mt nm c th c
c khon tin $80,000 vo cui nm th 6 ?
FV= 80,000
PMT= ?
1
PV = 0

Ths. Ng Tho

n=6

i= 4 %

Trng H Marketing Khoa Thm nh Gi

SF =

1 i

0.04

1 0.04

0.04
0.1507613
0.26532

PMT = $80,000 x 0.1507613 = $12,060.90

8. Thi hn vay
Tnh thi gian cn thit tr khon n $58,000 vi li sut 7.5% nm nu tr mi thng
$850 ?
PMT =M

iA n
An 1

850 x1.00625n - 850

=
850 x1.00625n 850
=
1.00625n (850 362.5) =
1.075n
1.075n

58.000 x 0.00625 x (1.075)n

362.5 x 1.075n
850
=
850 / 487.5
=
1.74359
=
90

9. Thm nh thu nhp t tin thu (dng tin u)

Mt ti sn cho thu vi gi $32.500 hng nm v thi hn thu cn 5 nm. Cui thi gian
thu hy vng bn li vi gi $450.000. Tnh gi tr ca ti sn vi t sut sinh li l 13%
YP @ 13%, 5 nm =

1
1 1.13 5
= 3.517231
(1 i) n =
0.13
i

Thu nhp t tin thu hng nm

$32.500 x 3.517231 =
$114.310
Hin gi khon tin bn ti sn vo cui thi hn thu:
PV = $450.000 x 1.13-5 = $450.000 x 0.54276 = $244.242
Gi tr ton b ti sn vo cui thi hn thu
$114.310 + $244.242 = $358.552
10. Thm nh thu nhp t tin thu (dng tin khng u)
Mt ti sn cho thu thi ihn thu cn 5 nm. Tin thu nm u tin l $30.000 v mi
nm tng ln $2.000 Cui thi gian thu hy vng bn li vi gi $450.000. Tnh gi tr ca ti
sn vi t sut sinh li l 13%
PV=

30.000 32.000 34.000 36.000 38.000 450.000

1.13
1.13 2
1.133
1.13 4
1.135
1.135

PV = $362.119
11. Hin gi thun (NPV)
Mt ti sn mua vi gi $350.000 c cho thu thi ihn thu cn 5 nm. Tin thu nm
u tin l $30.000 v mi nm tng ln $2.000 Cui thi gian thu hy vng bn li vi gi
$450.000. Tnh hin gi thun ca ti sn vi t sut sinh li l 13%
n

NPV = -I +

CFi

(1 i)
i 1

NPV = - 350.000 +

30.000 32.000 34.000 36.000 38.000 450.000

1.13
1.13 2
1.133
1.13 4
1.135
1.135

NPV = - 350.000 + 362.119

NPV = $12.119

Ths. Ng Tho

Trng H Marketing Khoa Thm nh Gi

12. T sut ni hon (dng tin u)
Tnh t sut ni hon ca mt ti sn c gi mua l $250.000 vi dng thu nhp hng nm
trong 5 nm l $20.000 v ti sn c bn li vo cui thi hn thu l $320.000 ?
Gi s li sut l 12% v 13%, ta c NPV nh sau :
Nm

Dng tin

0
1
2
3
4
5

- 250.000
20.000
20.000
20.000
20.000
340.000

IRR = i1 +

i = 12%
PV
1.00000
0.89286
0.79719
0.71178
0.63552
0.56743

NPV
- 250,000
17,857
15,944
14,236
12,710
192,925
3,672

i = 13%
PV
1.00000
0.88496
0.78315
0.69305
0.61332
0.54276

NPV
- 250,000
17,699
15,663
13,861
12,266
184,538
- 5,972

NPV1 (i 2 i 1 )
NPV1 NPV2

IRR = 0.12 +
IRR = 0.1238

3.672(0.13 0.12)
= 0.12 + 0.0038
3.672 5.972

12,38%

13. T sut ni hon (dng tin khng u)

Tnh t sut ni hon ca mt ti sn c gi mua l $250.000 vi dng thu nhp tng u 4%
mi nm trong 5 nm l $20.000 v ti sn c bn li vo cui thi hn thu l $320.000 ?
Gi s li sut l 12% v 13%, ta c NPV nh sau :
i = 12%
Nm
Dng tin
PV
NPV
0
- 250.000
1.00000
- 250,000
1
20.000
0.89286
17,857
2
20.800
0.79719
16,582
3
21.632
0.71178
15,397
4
22.947
0.63552
14,297
5
343..397
0.56743
194,853
8,986
IRR = i1 +

NPV
- 250,000
17,699
16,289
14,992
13,798
186,382
- 839

NPV1 (i 2 i 1 )
NPV1 NPV2

IRR = 0.12 +
IRR = 0.1291

Ths. Ng Tho

i = 13%
PV
1.00000
0.88496
0.78315
0.69305
0.61332
0.54276

8.986(0.13 0.12)
= 0.12 + 0.0091
8.986 839

12,91%

10